New Delhi, Oct. 3 -- Indian equities entered October on a weak technical footing, with both the benchmarks Nifty 50 and Sensex extending their declines.

According to Axis Direct's weekly technical outlook, the Nifty has now formed a lower-low, lower-high pattern for eight consecutive weeks, marking its longest such streak since 2001. The brokerage said momentum indicators also point to continued weakness, although select stocks are showing stronger technical structures and could offer upside over the next three to four weeks.

The BSE Sensex declined nearly 4,320 points, or around 5.6-5.8%, during September. The NSE Nifty 50 also dropped around 1,364-1,450 points, or 5.7-6.1%.

Elevated US Treasury yields and a stronger US dollar have we...